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Signature(s)

Amount
€ 150,000,000
Countries
Sector(s)
Egypt : € 150,000,000
Energy : € 150,000,000
Signature date(s)
15/07/2003 : € 150,000,000
Link to source

Summary sheet

Release date
3 March 2003
Status
Reference
Signed | 15/07/2003
20020642
Project name
Promoter - financial intermediary
Nubariya Power Plant II
Egyptian Electricity Holding Co. (EEHC)
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
Up to EUR 150million
Estimated at some EUR 340million
Location
Sector(s)
Description
Objectives

The project consists of a second 750 MWe dual-fired (natural gas and light fuel oil) combined-cycle gas turbine (CCGT) generation module at a new power station that is currently under construction at Nubariya. The power station is designed to accommodate two such CCGT modules; the proposed second generation module is technically identical to the first module for which the Bank signed a loan contract in September 2002.

The project will meet growing electricity demand at a competitive cost using modern energy efficient technology with a relatively low environmental impact. The plant will utilise natural gas for which abundant national reserves are proven and will thus contribute to the use of indigenous resources and the rational use of energy.

Environmental aspects
Procurement

An Environmental Impact Assessment will be carried out according to Egyptian law. The use of natural gas in a modern combined-cycle power plant is expected to result in a relatively low level of pollution. Air and water pollution emissions will comply with all national and World Bank standards.

EEHC intends to tender the project in individual lots, using international competitive bidding procedures, as is the case for the earlier projects being financed by the Bank.

Link to source

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

News & Stories

Press release

EUR 150 mio for second phase of Nubariya power plant in Egypt

15 July 2003

The European Investment Bank (EIB), the EU's financing institution, announces a EUR 150 million long-term loan to the Egyptian Electricity Holding Company (EEHC) for construction of the second module for the Nubariya power plant. Located on the Nile delta 120 km north-west of Cairo near the junction of the El Nubariya and El Nassery canals, this will have an annual output of 4 550 GWh/a.

This loan follows on from an initial EUR 150 million granted by the EIB in September 2002 for phase one of this gas-fired combined-cycle plant, which is scheduled to enter into commercial operation in 2007. At the signing of this second loan in Cairo on 15 July, EIB Vice-President Philippe de Fontaine Vive commented: "This project will serve to meet the growing demand for electricity by both private [...]

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